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ACGB Jun-51 Supply Passes Without Any Hiccups

AUSSIE BONDS

The latest round of ACGB Jun-51 supply saw no major hiccups, with the weighted average yield printing 0.75bp through prevailing mids (per Yieldbroker).

  • Meanwhile, the cover ratio improved to 2.36x from 1.55x previously (narrowly above the six-auction average of 2.30x), although we highlight that the increase in cover comes with a lower amount on offer at today’s auction (A$300mn vs A$600mn prev.), which skews the picture a little bit (~1.18x cover would have been observed if the auction size was consistent, all else equal).
  • As flagged in our preview, the AOFM liaison scheme may have unearthed some dealer demand for the line, with the move towards 4.00% in outright yield terms providing another positive factor, generating baseline interest.
  • Still, well-documented headwinds and inversion in the longer end of the ACGB curve provided clear headwinds, limiting overall interest.
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